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Crude exports near pre-war levels, but refined product markets stay tight
WTI is still about 40% higher than it traded before the U.S.-Iran conflict, while diesel inventories and limited refinery capacity keep crack spreads firm.
Action Forex reports that oil markets remain far from normal more than half a year into the U.S.-Iran conflict, even as shipments through the Strait of Hormuz appear to be recovering sharply and closing in on pre-war levels.
The outlet says WTI is still around $90 per barrel, roughly 40% above its pre-conflict level, with oil prices carrying a premium tied to the risk that the recovery could prove fragile.
Action Forex adds that refined products, especially diesel, show fewer signs of relief due to lean inventories and limited refinery capacity, which is supporting crack spreads.
It also notes that restoring barrels does not equal restoring normality, citing higher risks of further disruptions, higher freight and insurance costs from longer and less transparent routes, and thinner inventory cushions if flows slow again.
Latest closeWTI crude $91.10 ▲3.2%